Wells Fargo reports profit decline due to legal costs

Jon Howard
October 14, 2017

First Western Capital Management Co's holdings in Wells Fargo & were worth $661,000 at the end of the most recent quarter. The hedge fund held 453,685 shares of the major banks company at the end of 2017Q2, valued at $25.14M, up from 437,550 at the end of the previous reported quarter. On Friday, May 5 SARGENT RONALD bought $499,108 worth of Wells Fargo & Co (NYSE:WFC) or 9,050 shares.

"During the quarter, first under our 2017 Capital Plan, we returned $4 billion to shareholders through common stock dividends and net share repurchases, up from $3.4 billion in the second quarter", Shrewsberry said. It has underperformed by 7.03% the S&P500.

Among 24 analysts covering Proctor & Gamble (NYSE:PG), 12 have Buy rating, 1 Sell and 11 Hold. Therefore 41% are positive. As per Friday, April 28, the company rating was maintained by Vining Sparks. As per Friday, October 16, the company rating was maintained by RBC Capital Markets. The rating was downgraded by BMO Capital Markets to "Underperform" on Friday, November 18. Analysts pegging the company with a rating of 3 would be indicating a Hold recommendation.

5 year sales growth rate is an important factor for valuation analysis, the industry's and the sector's growth for next 5 years ticked at -2.36 and -8.01 respectively. RBC Capital Markets has "Buy" rating and $6000 target. UBS reinitiated Wells Fargo & Co (NYSE:WFC) on Wednesday, January 11 with "Neutral" rating.

The top 5 institutional holders, in ascending order, are as follows: BERKSHIRE HATHAWAY INC with 467.99 million shares, VANGUARD GROUP INC with 314.76 million shares, BLACKROCK INC. with 271.25 million shares, STATE STREET CORP with 200.48 million shares, and FMR LLC with 129.81 million shares.

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The P/E ratio is now 13.71 and the market cap of the company is 276.29B. The Company's divisions include Food Retailing, and Investments and Other Operations.

Tollbooth Index advanced 42.14 or 0.3% to 12,884.88. About 2,135 shares traded.

The company is now up by 0.09% percent from yesterday's close. It has underperformed by 9.16% the S&P500.

Uss Investment Management Ltd, which manages about $10.71B US Long portfolio, decreased its stake in S&P Global Inc by 208,000 shares to 728,700 shares, valued at $106.38 million in 2017Q2, according to the filing. Northern Tru Corp owns 7.19M shares. Cdk Global Inc (NASDAQ:CDK) was raised too. Residential mortgage loan originations were $59 billion, representing an increase from Q2 2017. Its down 0.09, from 1.3 in 2017Q1. For the quarter, shares have been noted at 0.40%. 110 funds opened positions while 566 raised stakes. Boston Family Office Ltd Liability Company reported 29,292 shares.

Wells Fargo & Company is a bank holding company. Jefferies Gp Limited Liability Co reported 2,819 shares stake. More interesting news about Wells Fargo & Co (NYSE:WFC) were released by: Reuters.com and their article: "Wells Fargo's lone outsider aims to clean up bank's reputation" published on September 20, 2017 as well as Seekingalpha.com's news article titled: "Wells Fargo: The Declines Are Over" with publication date: September 24, 2017. This buyback authorization allows the financial services provider to purchase up to 4.2% of its shares through open market purchases. Fred Alger Mgmt reported 52,501 shares. Birch Hill Investment Advsr Limited Liability Company invested in 302,729 shares. (NYSE:FE). Grantham Mayo Van Otterloo & Limited Liability holds 444,200 shares. King Luther Cap Management Corporation accumulated 203,485 shares or 0.19% of the stock. Zwj Inv Counsel has invested 0.25% in Wells Fargo & Co (NYSE:WFC). It is negative, as 54 investors sold KSU shares while 170 reduced holdings. Wells Fargo & Company (WFC) received interesting focus from Active Investors and it has been trading on front line as comparing to it past average volume.

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